Hyderabad residential sales dip 27% in January 2022

Hyderabad: Hyderabad has recorded new home registrations of 5,568 units in January 2022, noted Knight Frank India, country's leading real estate consultancy. The third wave of the pandemic resulted in a drop of 27 per cent Y-o-Y over January 2021 in the home registrations in Hyderabad.

Regular market operations such as site visits and registration of documents were adversely affected due to mobility restrictions during the month. Compared to 75 per cent in January 2021, 71 per cent of residential sales registered during January 2022 have occurred for less than Rs 50 lakhs ticket-size. A total Rs 2,695 crore worth of residential properties was transacted in the Hyderabad residential market. This is traditionally the segment that constitutes the highest sales registrations in Hyderabad.

Within the segment, demand for less than Rs 25 lakhs ticket-size remains a little low, as was seen in 2021. Sales registrations for all other ticket-size segments remain stable in Y-o-Y terms in January 2022. Rs 25 lakhs -Rs 50 lakhs ticket size segment's share grew the most, from 34 per cent in January 2021 to 39 per cent in January 2022.

The mid and high ticket-size segments saw stability in their market shares while significant growth was noticed in the sales of all unit sizes measuring over 1,000sq ft for Hyderabad in Y-o-Y terms in January 2022. Sparked by the pandemic, the homebuyer trend of looking to upgrade and moving into larger living quarters also continued to hold strong during January 2022.

"Hyderabad was the best performing residential market in terms of primary sales, among the top eight in India during 2021. We expect that sales registration volumes in the market should regain lost ground once normal market operations resume, given that other market indicators such as prices continue to see steady growth despite the impact of the pandemic", said Shishir Baijal, Chairman and Managing Director, Knight Frank India.